Nearly Eight weeks since, the Petrol prices were raised and the lending rates of the Banks increased. The acclaimed “Dream Team” of Montek, Manmohan and Chidambaram’s acumen of FINE Economics has brought us to an unhealthy state of 13% inflation. The “AAM AADMI” is left lurching in the Scorching flames of fiery Commodity prices. The FM had vehemently and immaturely attributed the rise in prices of Edible Oils, cereal grains and the double digit inflation to the sharp rise in Crude Oil Prices, which was at its maximum of $150 a barrel, the Inflation index at this stage measured in the whereabouts of 8-9%, now when the Oil prices have fallen significantly and have settled at about $115 a barrel the Inflation is at 13%. Sadly inflation has continued to rise for 3 consecutive weeks. The hike in CRR has also not helped in curtailing the vices of high inflation. Still, the Govt continues to downplay the issue, and is not ready to accept it as a national concern and call far a Parliamentary Session and gather ample support, resource and information in trying to keep the prices under control.
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If this bad, the worse is yet to come, once the General Elections of 2009 are over, the incumbent Govt. and subsequently the laypeople of the Country are in for real hardship. The ill-kept policies and smugly devised Budget plans of the resident Govt, will surely hit us, and quiet severely.
The FM, quiet blissfully proclaimed in an appeasing Budget for the current fiscal, that his Govt., would waive off loans lent to farmers by nationalized and Co-operative banks, to the tone of nearly 60,000 crores, of which 25,000 crores would be released by the June of 2008, we are running into September, and there has been no talk of it. To this day not single rupee has been released for this cause.
Many of the Profit-making, nationalized banks have been pushed to part with their profit sum in order waive off at least a part of the loans.
The “Rob Peter and pay Paul” economics is not only disturbing but also devastating; it can lead towards untoward consequences. The economics, of the country is being smothered under the pretext of unchecked reforms and unwarranted subsidies.
The true state of growth and stability of the economy, that are being celebrated will be evident only after the general elections, until then we can be assured of the odd subsidies, and also let’s hope at least the factors that are out of our political reach ease-off and “COMMON MANS” onus is not multiplied and multiplexed.
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